In the present study, the oxidation behavior of $Cu_{50}Zr_{50}$ and $Cu_{46}Zr_{46}Al_8$ metallic glasses has been investigated using transmission electron microscopy with a particular attention on the oxidation behavior in the supercooled liquid state. Identification of the oxidation product after continuous heating treatment shows that in $Cu_{50}Zr_{50}$ metallic glass, $ZrO_2$ with the monoclinic structure forms on the supercooled liquid as well as on the crystallized matrix. On the contrary, in $Cu_{46}Zr_{46}Al_8$ metallic glass, $ZrO_2$ with the tetragonal structure forms on the supercooled liquid, but that with the monoclinic structure forms on the crystallized matrix. The result indicates that the $Cu_{50}Zr_{50}$ metallic glass exhibits far better oxidation resistance in the supercooled liquid state than the $Cu_{46}Zr_{46}Al_8$ metallic glass.